Checking In On Hot Stocks As Market Heads South

There are lots of red arrows around the world as the situation in Syria intensifies. In addition, there are a few other potentially negative headlines in the U.S. that could weigh on equity markets.

Here is a look at some stocks and where they stand.

Netflix (NFLX) had nice upside follow-through yesterday after it triggered our action area long price of $274 on Friday. The stock gave us a nice two-day move before seeing some selling with the pull back in the market. Short term support stands at Friday’s high of $278.40, and below that we have yesterday’s low of $274 as the next key short-term support.

Apple (AAPL) had some nice action yesterday after consolidating for several sessions to allow 8-day MA to catch up. It triggered our action area long price of $503.35 to extend to $510.20 but it couldn’t hold that action area into the close. AAPL has a product event on September 10th when the company is expected to unveil the newest iteration of its iPhone. The upper support is sitting at $498-500 area, and below this is $489-492.

LinkedIn (LNKD) has continued to extend higher since August 16th when it retested the 21-day and held. Yesterday it triggered our Price Point Sheet action area long price of $240.88 to put in new highs at $247.98, but the market’s harsh sell off in the afternoon dragged the stock down to close on lows. Short-term support is standing at $235.

Facebook (FB) held the $36 level on the recent pull-back, then saw an impressive extension last two sessions. It put in a new 52-week high at $41.94 before seeing some profit taking. FB now looks a bit extended from the short-term moving averages and some rest would be healthy.

Tesla (TSLA) got an impressive gap and go in the morning yesterday but faded sharply. Yesterday’s big tail sends out some signals to take caution, as it could get some downside action below $160.25 today. The 8-day is $153.86ish.

Google (GOOG) is acting weak and could be vulnerable. The recent pivot low is $856, and if it breaks below this it could be in some trouble.

Amazon (AMZN) is also not acting so well since the false breakout on earnings. It saw a very potent down day yesterday, and a break below recent pivot low can $283.50 could trigger a move to $278ish.

Wynn (WYNN) had a nice move through $141 up to $146 but pulled in pretty hard. It could use some time. LVS and MGM also act well but will need some time if the markets continue to get pressured.

Metals continue to move well as they extend higher.

Gold (GLD) continues to reward traders that have been following the recent trend off the June 28th lows. Today gold is up $18-20 on the Syria anxiety. GLD has some resistance $137.50-139.50.

Silver (SLV) has enjoyed a really nice move as well. The $17.75-18.25 level proved to be a better buy than a sell as we stated numerous times. Now it’s in the April 15th gap that gets closed up at $25ish. Now I think it’s a better sell up to $25 rather than an ETF where I would look to initiate new longs.

Oil - via US Oil Fund (USO) has been consolidating for almost three months. The $38.50-38.65 range is a big resistance pivot to look at, and close above this could trigger higher prices. The Syria situation could be a big catalyst for higher oil prices.

The Inverse 2x Bond ETF (TBT) is coming into the 21-day as rates pull off a bit. It will be interesting to see if this moving average that hasn’t been broken for more than two sessions since Early May remains key support.. If not, the 50-day is $75.77. It's pretty typical that last week the mainstream media started trumpeting 3% yields right before the pull-back.